Chartprofit emini analysis pre-open Friday 22nd July
On Thursday I marked Significant Selling (red) for the first time in eighteen days. This is not Effective Selling because the Value Area was generated above the minor poc at 2056. Buyers have auctioned ES higher looking for Sellers and have now seen that (so far) their activity is ineffective – in this respect it can often be constructive that Selling is marked. More on this is today’s video. We also know that momentum and Breadth are positive, see Pulse Chart. As long as ES holds above 2056 it is in a strong price location. Effective Selling marked below 2056 would be more of a concern.
First Level Support = 2056.00 (minor poc)
Second Level Support = 2087.00 (major poc)
Stocks>50dyma numbers: Nyse 77% (from 79%), Nasdaq 71% (from 74%), R2000 76% (from 79%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 4.78. Last week the ratio reached 5.97 which was a six month high.
Supporting Charts:
see today’s video
click graphic to enlarge
